Poetic/reasonable lyrics, Wonderful tune and a beat thatz off the hook

Good question! 

How about a melody that has some originality to it.  Now, don't get me wrong--it could be based on something that pre-dated it, but it must make creative use of the original.  Secondly, it should have a bit of tension to it.  Tunes that are too predictable are boring initially and get old quickly.  The arrangement must have "color" to it.  Even an acoustic piano can have endless shades of tonal color to it, so don't get the same sounds out of it that have already been heard in that oeuvre ad nauseam. 

Lyrically, again, stay away from the platitudes!  Lyrics that exhibit a "been-there-heard-that" sound hold nothing for anyone!  Think of the lyrics that Sting writes.  Venture into some heretofore uncharted territory.  Expand the realm of topicality that the song is about.  Use the language to its fullest, and if need be, incorporate words and phrases from other languages.  Unusual words that are attention getting work.  And don't force a rhyme just for its own sake! 

From a performance aspect, let the song speak for itself.  All the technical furbelows in the world won't help a badly written song sound any better.  Vocalists should use what they have--not what they think is a popular "sound."  In other words, don't try to make the song happen--rather, let the song happen.  Don't affect a stylistic sensibility that goes against the grain of the song.  If you don't have a five-octave vocal range, then don't try to force one out.  Likewise, save all the trills and fireworks for a song that calls for them. 

Instrumentally, remember that less is more.  Mercifully, popular music seems to have gotten away from some of the over-the-top flash of eras past.  If a guitar solo calls for 128 notes, then 1,280 won't be ten times as good.  Make what you do count rather than play extravagantly.  Save the decoration for just that--the decoration, not the substance.  And, please keep the arrangements workable!  Is a symphony orchestra really necessary?  Could a chamber group do what needs to be done, instead? 

Oh, yes---one other thing:  Stop making music as if it were a disposable commodity.  Put some art into it so that it doesn't sound "old" next week.

Well, I think I've scratched the surface a bit.  I'm sure I'll think of some other things I've left out.